Major petroleum marketers have reassured the public that there is an adequate supply of petrol and have urged against panic buying.

In a statement released on Thursday, Clement Isong, CEO of the Major Energy Marketers Association of Nigeria (MEMAN), confirmed that there is ample stock available at the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC).

Isong emphasized that there is a reliable forecast for future supplies of all petroleum products. “In response to inquiries regarding a perceived tightening in the petroleum supply market, we assure the public and stakeholders that we have substantial stocks in our tanks, as well as access to considerable supplies from our partners, including Dangote Refinery and NNPC Trading Limited,” he stated.

He noted that deregulation allows proactive marketers to secure their supply needs in advance, which helps prevent shortages. Consequently, MEMAN does not foresee any petrol scarcity in the immediate future.

“The advantage of a diversified supply chain and deregulation means that diligent marketers can plan ahead and adjust to prevent shortages,” Isong added. “MEMAN does not anticipate any disruptions to the supply of petroleum products in the foreseeable future.”

He encouraged Nigerians to avoid panic buying, assuring them that member companies are focused on optimizing their supply chains and logistics to ensure products remain available and affordable. “We urge the public not to engage in panic buying, as supply efficiency continues to improve,” he said.

Following the recent increase in petrol prices by the NNPC, long queues were reported at retail outlets in Lagos and Abuja. On Tuesday, the national oil firm raised petrol prices in Abuja from N1,030 to N1,060 per litre and in Lagos from N998 to N1,025 per litre, drawing criticism from various sectors.

Despite ongoing fuel crises since May, the government has yet to deliver effective solutions. On Tuesday, Alhaji Aliko Dangote, President of the Dangote Group, announced that his refinery has over 500 million litres in reserve, inviting marketers to purchase the product. However, some marketers reported difficulties in procuring PMS from Dangote.